Faraday Future has managed to raise $90 million from existing investors to help it get its much-delayed FF 91 luxury electric SUV to production and delivery. Faraday’s investors will also accelerate an existing commitment of $15 million, the EV company said Tuesday.
Faraday is one of a litany of EV SPACs — EV startups that went public via a merger with a special purpose acquisition company — that has struggled to stay afloat. The company keeps burning through cash and putting its hand out for more, while pushing the delivery date of its vehicles. Against that backdrop, Faraday Future has also been investigated by the U.S. Securities and Exchange Commission and the Department of Justice, and suffered through one internal drama after another.
Despite repeated production delays and an inability to deliver vehicles into customers’ hands, Faraday in May announced that its luxury EVs would have ChatGPT capabilities, an attempt to jump on the AI bandwagon and attract attention. And perhaps it worked, because the company, which as of April only had $30 million to its name …
